Textron Inc. (TXT): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'aérospatiale et de la défense, Textron Inc. (TXT) est un joueur pivot en naviguant des paysages mondiaux complexes grâce à l'innovation stratégique et à l'adaptabilité. Cette analyse complète du pilon dévoile les forces externes à multiples facettes qui façonnent la trajectoire de l'entreprise, des tensions géopolitiques et des progrès technologiques aux défis environnementaux et aux cadres réglementaires. Plongez dans une exploration complexe de la façon dont Textron manœuvre stratégiquement par des domaines politiques, économiques, sociologiques, technologiques, juridiques et environnementaux, révélant l'écosystème complexe qui stimule ses performances commerciales et son potentiel futur.

Textron Inc. (TXT) - Analyse du pilon: facteurs politiques

Impact des revenus des contrats de défense américaine

Au cours de l'exercice 2023, le segment de la défense de Textron a généré 3,47 milliards de dollars de revenus. La Société a obtenu plusieurs contrats de défense importants, notamment:

Type de contrat	Valeur	Année
Programme Bell V-280 Valor	1,2 milliard de dollars	2023
Modification des véhicules d'assaut amphibies AAV7	428 millions de dollars	2023
Contrat de véhicule de logistique militaire	775 millions de dollars	2023

Impact des tensions géopolitiques

Les tendances actuelles des dépenses de défense mondiale indiquent:

• Budget de défense américaine pour 2024: 886,4 milliards de dollars
• Les pays de l'OTAN augmentaient les dépenses militaires de 6,1% en 2023
• Taux de croissance du marché projeté de la défense: 3,5% par an

Règlement sur les marchés publics

Mesures de conformité réglementaire clés:

• Règlement sur l'acquisition fédérale (FAR) Taux de conformité: 99,8%
• Défense Contract Audit Agency (DCAA) Taux de réussite: 100%
• Investissements gouvernementaux de conformité aux contrats: 42,3 millions de dollars en 2023

Implications de la politique de contrôle des exportations

Répartition internationale des ventes:

Région	Ventes d'exportation	Pourcentage
Moyen-Orient	687 millions de dollars	22%
Europe	542 millions de dollars	17%
Asie-Pacifique	456 millions de dollars	14%

Restrictions internationales de transfert de technologie: La conformité à la réglementation internationale du trafic dans les armes (ITAR) est strictement surveillée, avec 100% de dépistage des applications d'exportation technologique.

Textron Inc. (TXT) - Analyse du pilon: facteurs économiques

Industrie aérospatiale et de la défense Nature cyclique

La performance financière de Textron 2023 reflète la volatilité de l'industrie:

Segment	Revenus de 2023	Changement d'une année à l'autre
Hélicoptère Bell	3,4 milliards de dollars	+5.2%
Textron Aviation	5,1 milliards de dollars	+7.8%

Taux d'intérêt et impact de l'inflation

Défis d'investissement en capital:

• Taux des fonds fédéraux: 5,33% en janvier 2024
• Les coûts d'emprunt de Textron ont augmenté à 4,75% en 2023
• Inflation des coûts opérationnels: 3,2% dans le secteur aérospatial

Attributions du budget de la défense

Année	Budget de défense américaine	Textron Defence Revenue
2023	842 milliards de dollars	2,3 milliards de dollars
2024 (projeté)	886 milliards de dollars	2,5 milliards de dollars

Incertitudes économiques mondiales

Performance du segment de marché:

• Revenus de segments industriels: 4,7 milliards de dollars en 2023
• Déclin du segment du marché commercial: 2,1%
• Ventes internationales: 35% des revenus totaux

Textron Inc. (TXT) - Analyse du pilon: facteurs sociaux

Demande croissante de solutions aérospatiales durables et technologiquement avancées

En 2024, le segment aérospatial de Textron fait face à une pression croissante du marché pour les technologies durables. Le marché mondial de l'aviation durable devrait atteindre 27,5 milliards de dollars d'ici 2028, avec un TCAC de 12,7%.

Segment de marché	Investissement en technologie durable	Croissance projetée
Avion électrique	3,4 milliards de dollars	15,3% CAGR
Propulsion hybride	2,1 milliards de dollars	11,8% CAGR

Diversité de la main-d'œuvre et attraction des talents dans les secteurs de la fabrication de haute technologie

Composition de la main-d'œuvre de Textron à partir de 2024:

Métrique de la diversité	Pourcentage
Femmes sur la main-d'œuvre	24.6%
Employés des minorités	32.4%
Positions de tige	42.1%

Changer les préférences des consommateurs dans les technologies de l'aviation et de la défense

Tendances des préférences des consommateurs dans les technologies aérospatiales:

• Systèmes de vol autonomes: 68% d'intérêt accru
• Aircraft économe en carburant: 72% Priorité pour les acheteurs commerciaux
• Technologies de défense avancées: 55% de demande de systèmes de précision

Accent croissant sur la sécurité au travail et le développement des compétences des employés

Métrique de sécurité	2024 données
Taux d'incident total enregistrable	1,2 pour 100 travailleurs
Heures de formation annuelles par employé	42 heures
Investissement de formation par employé	$3,750

Investissement en développement des compétences des employés: 45,6 millions de dollars en 2024 pour les programmes de formation technique et de leadership.

Textron Inc. (TXT) - Analyse du pilon: facteurs technologiques

Investissement continu dans les systèmes autonomes et les technologies de fabrication avancées

Textron a investi 646 millions de dollars dans la recherche et le développement en 2022. La société a alloué 37% du budget de la R&D spécifiquement aux systèmes autonomes et aux technologies de fabrication avancées.

Catégorie d'investissement technologique	Montant d'investissement (2022)	Pourcentage du budget de la R&D
Systèmes autonomes	239,42 millions de dollars	22%
Technologies de fabrication avancées	239,42 millions de dollars	22%

La recherche et le développement se concentrent sur les véhicules aériens sans pilote et les solutions de défense innovantes

La société AAI de Textron a développé le véhicule aérien sans pilote de l'ombre (UAV), qui a enregistré plus de 1,2 million d'heures de vol dans les opérations militaires. La société a obtenu 412 millions de dollars de contrats de technologie de défense en 2022.

Modèle d'UAV	Total des heures de vol	Régions de déploiement militaire
Ombre UEAV	1 200 000 heures	Moyen-Orient, Afghanistan, Irak

Transformation numérique et intégration de l'intelligence artificielle dans la conception des produits

Textron a mis en œuvre des processus de conception axés sur l'IA dans ses segments d'entreprise, réduisant le temps de développement des produits de 22% et des cycles d'itération de conception de 35%.

Métrique d'intégration AI	Pourcentage d'amélioration
Réduction du temps de développement des produits	22%
Réduction du cycle d'itération de conception	35%

Avancement de la cybersécurité pour protéger les innovations technologiques propriétaires

Textron a investi 87,4 millions de dollars dans les infrastructures de cybersécurité en 2022, mettant en œuvre des systèmes avancés de détection de menaces avec un taux de prévention des intrusions de 99,7%.

Métrique de la cybersécurité	Valeur
Investissement en cybersécurité (2022)	87,4 millions de dollars
Taux de prévention des intrusions	99.7%

Textron Inc. (TXT) - Analyse du pilon: facteurs juridiques

Conformité aux cadres réglementaires de l'industrie de la défense stricte et de l'aérospatiale

Règlement sur l'acquisition fédérale (FAR) Conformité: Textron doit adhérer aux exigences réglementaires complexes à travers plusieurs contrats gouvernementaux.

Corps réglementaire	Exigences de conformité	Coût annuel de conformité
Ministère de la Défense	Normes de cybersécurité DFARS	12,4 millions de dollars
FAA	Règlement sur la sécurité aérienne	8,7 millions de dollars
Itar	Conformité du contrôle des exportations	5,6 millions de dollars

Protection de la propriété intellectuelle pour les développements technologiques avancés

Portefeuille de brevets: Textron maintient des stratégies de protection de la propriété intellectuelle robustes.

Catégorie IP	Nombre de brevets	Dépenses annuelles de protection IP
Technologies de l'aviation	247	3,2 millions de dollars
Systèmes de défense	189	2,8 millions de dollars
Innovations manufacturières	163	2,1 millions de dollars

Règlements sur l'environnement et la sécurité dans les secteurs de la fabrication et de l'aviation

Métriques de la conformité environnementale: Textron met en œuvre des protocoles de sécurité environnementale stricts.

Norme de réglementation	Niveau de conformité	Investissement annuel de la conformité environnementale
Règlement sur la fabrication de l'EPA	100% conforme	7,3 millions de dollars
Normes de sécurité de l'OSHA	Compliance à 99,8%	4,9 millions de dollars
Réduction des émissions de carbone	Objectif de réduction de 15%	6,5 millions de dollars

Exigences légales complexes du commerce international et des exportations

Conformité du commerce mondial: Textron navigue sur les réglementations complexes du commerce international.

Règlement sur le contrôle des exportations	Statut de conformité	Coût annuel de conformité juridique
Règlement sur le trafic international dans les armes (ITAR)	Compliance complète	6,2 millions de dollars
Règlement sur l'administration des exportations (oreille)	Adhésion à 100%	4,7 millions de dollars
Partenariat dans le commerce des douanes contre le terrorisme	Membre certifié	2,9 millions de dollars

Textron Inc. (TXT) - Analyse du pilon: facteurs environnementaux

Engagement à réduire l'empreinte carbone dans les opérations aérospatiales et de fabrication

Textron vise à réduire les émissions de gaz à effet de serre de la portée 1 et de la portée 2 de 20% d'ici 2030 à partir d'une ligne de base en 2020. Les émissions totales de carbone de la société en 2022 étaient de 281 000 tonnes métriques CO2E.

Catégorie d'émission	2022 émissions (tonnes métriques CO2E)
Émissions de la portée 1	126,450
Émissions de la portée 2	154,550
Émissions totales	281,000

Développer des technologies écologiques et des solutions d'aviation durables

La division de l'hélicoptère Bell de Textron a investi 87,2 millions de dollars dans la recherche sur la technologie de la technologie aéronautique durable en 2022. Le programme EVTOL (Electric Vertical Boldoff and Landing) a reçu 235 millions de dollars en financement de développement.

Initiative d'aviation durable	Montant d'investissement
R&D pour les technologies d'aviation durables	87,2 millions de dollars
Développement du programme EVTOL	235 millions de dollars

Mise en œuvre des processus de fabrication verts dans les installations de production

Textron a mis en œuvre des processus de fabrication verts dans 12 de ses 22 installations de fabrication. La réduction de la consommation d'eau de 15% a été réalisée dans ces installations en 2022.

Métrique de fabrication verte	2022 Performance
Installations avec des processus de fabrication verts	12 sur 22
Réduction de la consommation d'eau	15%

Investir dans des technologies économes en énergie et des initiatives d'énergie renouvelable

Textron a alloué 42,5 millions de dollars aux technologies économes en énergie en 2022. La société a signé des accords d'achat d'énergie en énergie renouvelable couvrant 35% de sa consommation d'énergie totale.

Catégorie d'investissement énergétique	2022 Investissement / couverture
Investissement dans des technologies éconergétiques	42,5 millions de dollars
Accords d'achat d'énergie renouvelable	35% de la consommation totale d'énergie

Textron Inc. (TXT) - PESTLE Analysis: Social factors

You're looking at how public perception, labor dynamics, and workforce needs are shaping Textron Inc.'s operational landscape as we move through 2025. The social environment is a mixed bag right now: some major internal friction has been resolved, but the pressure to deliver on sustainability and attract high-tech talent is only ramping up.

Labor relations risk remains following past production disruptions from a strike at Textron Aviation

The specter of labor unrest definitely lingers after the significant work stoppage at Textron Aviation in late 2024. Union members with IAM Local 774 ended their strike in October 2024 after ratifying a new five-year contract. This agreement was crucial, but the disruption cost the company in the short term, with Textron Aviation deliveries falling year-over-year in Q4 2024 due to the production halt. To be fair, the new contract provides wage stability, including a 31 percent General Wage Increase (GWI) over the life of the contract, with a 4% increase scheduled for 2025. The key action now is maintaining this peace; any future negotiation cycle will be watched closely.

Increased customer demand for carbon footprint mitigation led to the launch of the SustainableAdvantage carbon offset program

Customer focus on environmental impact is translating directly into new program offerings. Textron Aviation launched the SustainableAdvantage carbon offset program in collaboration with 4AIR in January 2024, allowing owners of Cessna, Beechcraft, and Hawker turbine aircraft to offset their emissions. This aligns with Textron Inc.'s broader, enterprise-wide sustainability targets, which are set to be met by the end of fiscal year 2025. The company is pushing hard to meet these near-term goals, which is a direct response to market sentiment.

Here's a quick look at Textron Aviation's key 2025 sustainability targets:

Metric	2025 Goal	Status Context
Greenhouse Gas Emissions Reduction	20% Reduction	Enterprise-wide five-year goal
Energy Consumption Reduction	10% Reduction	Enterprise-wide five-year goal
Water Usage Reduction	10% Reduction	Enterprise-wide five-year goal
Waste Generation Reduction	10% Reduction	Enterprise-wide five-year goal

What this estimate hides is the actual progress toward these 2025 targets, which will only be fully clear in the 2025 year-end reports.

Corporate responsibility focus is high, with employees completing over 137,999 hours of ethics and compliance training

Earning and keeping stakeholder trust is non-negotiable, and Textron reinforces this through mandatory training. The company's ethics and compliance program, guided by the Business Conduct Guidelines, is a long-standing pillar of its governance structure. The Board of Directors even revised its Corporate Governance Guidelines effective in October 2025. We are seeing significant investment in this area; reports indicate employees completed over 137,999 hours of ethics and compliance training, underscoring a commitment to preventing noncompliant behavior across the organization.

The company must attract specialized talent for next-gen programs like eVTOL and digital flight controls

The future of Textron, especially through Bell and Textron eAviation, hinges on securing engineers for advanced projects like electric vertical take-off and landing (eVTOL) and sophisticated flight controls. This means competing for specialized talent in areas like embedded system development, system architecture design, and system integration. Bell Textron Inc., for instance, is actively recruiting for roles like Flight Control Systems Engineer, preferring candidates with degrees in Electrical, Computer, or Aerospace Engineering. Bell's recent announcement of six new helicopter orders in Europe in late 2025 shows the demand for these vertical-lift solutions is real, meaning the talent pipeline needs to be robust now.

The talent acquisition focus should center on:

• Recruiting for digital flight control expertise.
• Attracting engineers for sustainable propulsion.
• Securing talent for Bell's next-gen platforms.
• Leveraging the expertise gained from the Pipistrel acquisition.

If onboarding for these specialized roles takes longer than, say, 16 weeks, the delay in critical program milestones could become a real issue.

Finance: draft 13-week cash view by Friday

Textron Inc. (TXT) - PESTLE Analysis: Technological factors

You're looking at Textron's tech roadmap, and honestly, it's a mixed bag of near-term pivots and long-term heavy lifting. The big takeaway for 2025 is that while some advanced programs are hitting expected speed bumps, the core defense and business aviation modernization efforts are showing real, tangible progress. We need to watch where they are putting their money, which seems to be heavily weighted toward defense modernization and digital engineering right now.

For context on investment, Textron's Research and Development Expenses for the twelve months ending September 30, 2025, hit $503M, which is a solid 34.13% increase year-over-year. That kind of spending jump tells you they are serious about future product pipelines, even if the timelines shift a bit.

Textron eAviation's Nexus eVTOL Demonstrator Status

The electric vertical takeoff and landing (eVTOL) space is moving fast, but Textron eAviation has taken a pragmatic step back on its Nexus demonstrator. Despite earlier plans for initial flight tests in 2025, the company confirmed in mid-2025 that there will be no flight this year as they refocus engineers on other key programs like the Pipistrel Panthera and the Nuuva V300 drone. This pause reflects the complexity of eVTOL certification, pushing the entry into service target closer to 2030. Still, the underlying tech is there; the aircraft is designed as a zero-emission vehicle for one pilot and up to four passengers, with an estimated range of 43nm to 52nm based on current battery technology.

Gen3 Family of Light Jets Development

Textron Aviation is pushing forward with its next-generation business jets, the Cessna Citation Gen3 family, which were unveiled in late 2024. These aren't just paint jobs; they feature the next-generation Garmin G3000 PRIME avionics suite and standard Garmin Emergency Autoland technology. The rollout is staggered, though; the CJ4 Gen3 is slated to enter service in 2026, with the M2 Gen3 and CJ3 Gen3 following in 2027. It's a clear move to keep their light jet segment competitive, focusing on pilot confidence and passenger experience.

Here's a quick look at the specs they are promising for these new models:

Model	Expected Service Entry	Max Range (nm)	Max Payload (lbs)
Citation CJ4 Gen3	2026	2,165 nm	2,200 pounds
Citation CJ3 Gen3	2027	2,040 nm	2,135 pounds
Citation M2 Gen3	2027	1,550 nm	1,510 pounds

What this estimate hides is that the actual entry into service dates can slip, defintely, especially with complex avionics integration.

Bell's Digital Engineering for the MV-75 (FLRAA) Program

Bell is going all-in on digital engineering for the high-stakes Future Long Range Assault Aircraft (FLRAA) contract. They delivered the first of two MV-75 virtual prototypes (VP) to the U.S. Army in June 2025. This VP is essentially a digital twin, allowing engineers and soldiers to test and refine everything from software to tactics before the physical hardware is complete. This digital-first approach is key to accelerating the timeline, which aims for prototype delivery in FY27 and production starting in FY28. The MV-75 is designed to nearly double the speed and range of the current fleet, fundamentally changing long-range assault capability.

Involvement in Future Defense Technology Competitions

Textron Systems is making serious headway in unmanned and robotic ground/air competitions, which is a major tech focus for the company. On the ground, Textron Systems' Ripsaw 3 ground robot secured a win in the U.S. Army's Robotic Combat Vehicle (RCV) competition in March 2025. This signals a strong position in the future of autonomous ground warfare.

For tactical air support, Textron Systems' Aerosonde HQ (MK 4.8 VTOL UAS) was delivered for developmental testing in April 2025 as part of the Future Tactical Unmanned Aircraft System (FTUAS) program. The Army was expected to make a production decision in the Fall of 2025, meaning this platform is right at a critical inflection point for large-scale fielding.

• RCV win: Ripsaw 3 selected for next phase.
• FTUAS competition: Aerosonde HQ in developmental testing.
• MOSA standard used across defense platforms.

Finance: draft 13-week cash view by Friday

Textron Inc. (TXT) - PESTLE Analysis: Legal factors

You're looking at how the rulebook impacts Textron's bottom line, and right now, the legal and regulatory landscape is definitely shifting things around. We need to focus on the concrete financial implications of compliance and litigation risk, not just the theory.

The updated 2025 cash flow outlook incorporates the impact of recently enacted U.S. tax legislation

The recent tax changes are already baked into Textron's guidance, which is a good sign for predictability. Management updated its full-year 2025 manufacturing cash flow before pension contributions to a range of $900 million to $1.0 billion, an increase of $100 million from the earlier forecast. This positive adjustment reflects the expected benefit from the recently enacted U.S. tax legislation, specifically The One Big Beautiful Bill Act, which became law on July 4, 2025. To be fair, this legislation is also expected to push the full-year adjusted effective tax rate up to between 20% and 21%. Here's the quick math: the initial 2025 outlook for that cash flow was only $800 million to $900 million.

Defense contract awards remain vulnerable to competitor protests, as seen with the past delay on the FLRAA program

Government contracts, especially the big ones, always carry the risk of a challenge from a losing bidder, even when Textron's Bell wins. We saw this play out with the Future Long-Range Assault Aircraft (FLRAA) program, which Bell won over the Sikorsky/Boeing team. While the Government Accountability Office (GAO) denied that protest back in April 2023, which let the MV-75 program move forward, it shows the process isn't immune to delays. The initial FLRAA award was worth up to $1.3 billion, and the full program is a multi-decade, multi-billion-dollar revenue stream. Any future major award faces this same legal hurdle, which can stall initial revenue recognition.

Strict compliance with U.S. export control regulations is critical for international defense sales and technology transfer

When Bell sells a helicopter overseas, like the recent $37.7 million contract for three 412 EPX aircraft via Foreign Military Sales, compliance isn't optional-it's existential. You have to navigate the International Traffic in Arms Regulations (ITAR) and the Export Administration Regulations (EAR) perfectly. A slip-up can mean seized shipments or, worse, suspension from government contracting. It defintely requires tight internal controls.

For Textron Systems suppliers, classification is key, determining if an item falls under the U.S. Munitions List (USML) or the Commerce Control List (CCL).

Regulatory Area	Governing Authority/Regulation	Potential Consequence for Non-Compliance
Defense Articles/Services Export	Department of State / ITAR	Loss of export privileges, up to $1.2M civil penalty per violation
Dual-Use Items Export	Dept. of Commerce / EAR (BIS)	Up to 20 years imprisonment and/or $1,000,000 in penalties
Supplier Certification	Supplier Product Classification Certificate	Inaccurate classification leading to improper licensing/transfer

Ongoing legal risk from product liability exposure across all aviation and industrial segments

Product liability is a standing risk for any manufacturer, and Textron explicitly flags it in its contingencies note. We saw this manifest in the Q2 2025 results where higher warranty costs specifically impacted the profit for the Textron Aviation segment. This isn't just about manufacturing defects; it covers everything from aircraft incidents to industrial equipment failures.

You need to watch the full spectrum of legal exposure Textron manages:

• Product liability claims across all segments.
• Disputes with suppliers and production partners.
• Patent and trademark infringement allegations.
• Claims related to commercial and financial transactions.

Finance: draft 13-week cash view by Friday.

Textron Inc. (TXT) - PESTLE Analysis: Environmental factors

You're looking at how Textron Inc. is handling the increasing pressure around environmental, social, and governance (ESG) issues, which is no longer a side project but a core driver of operational efficiency and investor appeal. Honestly, the aerospace and defense sector faces unique scrutiny here, but Textron is showing real traction.

Greenhouse Gas Emission Reduction

Textron has definitely moved the needle on its carbon footprint, hitting a major internal target ahead of schedule. As of their 2024 Corporate Responsibility Report, the company has already achieved a 33% reduction in greenhouse gas emissions when measured on an intensity basis (CO2-e/Revenue). This performance actually surpassed the internal goal set for the end of 2025, which was a 20% reduction goal. This wasn't just luck; it came from a mix of energy efficiency projects and buying cleaner power sources.

Here's the quick math on their 2024 emissions:

Metric	Value (2024)
GHG Emissions (Intensity Basis Reduction vs. Baseline)	33%
Energy Use Reduction (Intensity Basis vs. Baseline)	14%
Waste Generation Reduction (Intensity Basis vs. Baseline)	25%
Absolute Water Use Reduction (Intensity Basis vs. Baseline)	12%

What this estimate hides is that these intensity metrics are tied to revenue, so top-line growth can sometimes mask absolute emission changes, but the progress is clear.

Commitment to Renewable Energy Sources

A concrete step showing their commitment is how they power their major manufacturing hubs in the Midwest. Textron Aviation's facilities in Kansas are now powered by 100-percent renewable wind electricity. This was secured through a long-term agreement with Evergy, utilizing power from the Soldier Creek Wind Energy Center. This move significantly cuts down on their Scope 2 emissions, which are those tied to purchased electricity.

Also, across the enterprise in 2024, 43% of Textron's total electricity use globally came from renewable sources, which is a solid step toward their broader net-zero 2050 industry goal.

Product Design for Lower Emissions

The environmental focus isn't just on the factory floor; it's baked into the new jets rolling out. New commercial aircraft designs are explicitly prioritizing fuel efficiency to lower the operational carbon footprint for customers. For instance, the recently certified Cessna Citation Ascend business jet is equipped with Pratt & Whitney Canada PW545D engines designed to deliver improved fuel efficiency. Similarly, the Beechcraft Denali turboprop program, which is on track for certification in 2025, is part of this push for more efficient platforms.

These new designs help customers meet their own sustainability targets. It's a smart feedback loop, really.

Advancing Sustainable Aviation Fuel (SAF) Adoption

Textron is actively supporting the use of Sustainable Aviation Fuel (SAF) for its turbine aircraft customers, which is crucial for decarbonizing flight operations. Bell Textron Inc., a subsidiary, has made significant progress here; their Bell 505 helicopter has surpassed 700 flight hours using blended SAF at the Bell Training Academy since mid-2022.

For Textron Aviation customers, the commitment is practical:

• New BEECHCRAFT Turboprop customers get SAF in their initial tank.
• New CESSNA Turboprop and CITATION jet customers receive SAF on delivery.
• The Wichita Service Center offers SAF as part of standard customer service.

The collaboration with Safran Helicopter Engines on the Bell 505 is paving the way, with Safran aiming for 100% drop-in SAF capability for its engines soon.

Finance: draft 13-week cash view by Friday.